For many years Launceston residents have driven past the vacant lots in Margaret Street and wondered what would happen with them.
The answer may soon be revealed as 117-129 Margaret Street and 26-28 Crown Street are for sale by offer in one line, as one parcel, or expressions of interest will be taken for individual lots.
Shepherd & Heap Commercial sales executive Marcus Douglas said this site had been on people’s minds for years and now it had been offered for sale, interest had piqued.
“It’s an amazing site. The feedback has been overwhelming,” Mr Douglas said.
“It has been incredibly popular; flat land in central Launceston is a rarity,” he said.
The sale includes five residential titles in Margaret Street and two light industrial titles facing Crown Street.
“A townhouse development could be built on the inner residential lots and a warehouse-type development or car park – single or double level – to complement the inner residential development,” Mr Douglas said.
Shepherd & Heap also suggested medical or education developments with attached car parking for the lots.
These properties were purchased by City of Launceston council in 1960 when work was planned to build the arterial road entering Launceston that runs into Bathurst Street.
“It used to have a row of red brick cottages [that were demolished], but they decided to move the highway elsewhere,” Mr Douglas said.
AE Jack leased the site from council for a steel fabrication plant after the planned works did not eventuate.
It was later bought by the organisation and formed part of the AE Jack property portfolio.
There is approximately 2458 square metres across the seven separate titles.
The five inner residential titles have a 76-metre frontage to Margaret Street, while the two light industrial titles in Crown Street have a 24-metre frontage.
Offers for the entire parcel or expressions of interest for individual lots close on Wednesday, November 14, at 4pm.
Contact Marcus Douglas on 0429 820 820 or visit shepherdheap.com.au for more information.
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